Luxembourg

Economy

Iron ore made the fortune of modern Luxembourg, and although its ores are now depleted, the steel industry continues, using iron imported from France. Much of the labor force consists of foreign workers. The country is an increasingly important center for information technology and telecommunications industries, as well as a hub of banking and financial services. Tourism is also important, and Luxembourg derives great economic benefits as a center for many European Union functions, including the European Investment Bank and the European Court of Justice. Other industries are food processing, cargo transport, and the production of chemicals, metal products, tires, glass, and aluminum. Grapes, grains, potatoes, and fruits are grown and livestock is raised. Machinery and equipment, steel and rubber products, chemicals, and glass are the main exports; imports include minerals, metals, foodstuffs, consumer goods, and fuel. Germany, Belgium, France, and the Netherlands are the principal trading partners.